Brand Equity spoke to a bunch of experts from the advertising and marketing industry to understand their thoughts on the Union
Budget presented early today. Take a look at the mixed reactions.
“Welcoming news for FinTech ecosystem”
Jaimit Doshi, chief marketing officer, Coverfox.com, believes Arun Jaitley has given a boost to the Digital India mission.
He says, "With this budget, the Finance Minister has rolled out measures that will indirectly but effectively contribute towards a Digital India. Aadhar-enabled payment system (Aadhar Pay), Aadhar based health cards for senior citizens, web-based platform for defence pensioners and schemes to promote BHIM app are all moving in that direction. A digitally involved India will be more open to cashless transactions, which is welcoming news for the FinTech ecosystem."
“Less than expected’’
According to Sanjay Tripathy, senior EVP - marketing, analytics, digital and e-commerce this Budget has been less than expected atleast from the insurance industry perspective.
He says, “The budget, however, aims at boosting the economy with the proposed abolition of FIPB and liberalisation of FDI. And, as a marketer what excites me most is a clear push for all things digital. Be it the adoption of geo-tagging to track MNREGA assets or promoting usage of BHIM or Aadhar based payment systems.
“With the increased adoption of FinTech, mobile phones will emerge as the key medium with a larger domain of influence. This will have a definitive bearing for all marketers as it would provide a whole new realm of opportunity to reach out to their TG – with more focus on digital and mobile transactions, mobile advertising may get a boost," he concludes.
“A move in the right direction but short of expectations”
For Sanjay Sethi, CEO and co-founder, ShopClues, the Budget was overall a populist budget; a move in the right direction but short of expectations.
“Push for digital transformation and financial inclusion is applauded but the government has deployed a lot more sticks rather than carrots too to push the “less-cash” agenda. I would have expected zero TDR for small value digital transitions. Investments in infrastructure, focus on Bharat, employment guarantee, women empowerment and political trans is welcome,” he adds.
He also mentions, “Corporate tax break for SMES is very nice, and much awaited, it is important that Government recognises SMES to be the engine of India’s GDP growth. The incentive for Startup fell short of expectations. There is not much clarity around FDI, FIPB so let us see how it pans out in coming days.”
“High impetus on digitization"
Rohit Ohri, group chairman and CEO, FCB India says it was an overall a progressive Budget. He further adds, “The focus on reviving rural consumption, digital India and SWAYAM were the highlights of Budget 2017 for me. The high impetus on digitization, will pave the way for empowerment of the common man. And, will open doors to a massive opportunity, untapped as of now, in the digital space.”
“A positive budget for the digital industry
Vivek Bhargava, CEO, DAN Performance Group, thinks that it’s a good budget overall and an extremely positive one for the digital industry.
He says, “The strong focus on promoting a digital economy through various initiatives on the digital payments front will give a great impetus to the digital revolution that the country is currently undergoing. We are witnessing a significant increase in digital transactions owing to the cashless movement already, which is a huge indication of the times to come – largely in the benefit of the common man.”
“It’s encouraging to see the government introduce movements like ‘Digi-gaav’ and others which will take digital technology to the rural areas where most of the country’s population is actually based. This aggressive digital push is sure to contribute substantially in making India one of the fastest growing economies in 2017,” adds Bhargava.
“Delighted with the IT slab for under Rs. 50 crore companies”
As a business guy, Satbir Singh, founder and chief creative officer, Thinkstr, is happy with what Jaitley had to offer.
Singh is of the opinion that, “Unless you're an economist or a finance person, everyone looks at the Budget from a “what's in it for me” perspective. To that end, as an entrepreneur/founder of a new independent agency, I'm pretty delighted that IT for under Rs. 50 crore companies has been reduced by 5% to 25%. I was hoping that there'd be another slab under Rs. 5 crore but that's being unreasonable.”
“Good news for MSMEs”
Ahmed Naqvi, CEO and co-founder Gozoop has mixed reactions to the FM’s announcement.
He believes, “The corporate tax reduction is good news for MSME's like Gozoop. The added push for transparency and digital is an added boost. I see a more major impact in the next round when GST is implemented in six months. Also, good news for the infra, housing and rural sectors. It seems to be holding fiscal deficit discipline. I would say it’s a 7/10. Expectations were much more.”